Know More About High-Cost Prescription Medications
Patients in the United States are affected by the rise of the cost of prescribed medications. With the continuation of the rise of the prices of medicines made by pharmaceutical companies, many people are having the burden of buying these expensive medicines in order to maintain their medications.
These medical companies are publicly criticized by many medical groups, and even Hilary Clinton, who was the Democratic presidential nominee and former Secretary of State, called the attention of these companies due to the prices of their products that are making people suffer. It is difficult to feel the efforts that are made by the CEOs who promised that they will solve this problem, especially when this issue is more than just a single pharmaceutical company or a certain medication.
The percentage of the median prices of common prescription medications in 2008 up to 2014 has reached drastically to 120%. Pharmaceutical companies have reasons as to why they increased their prices, which are as follows: the rise of the cost for research, shortage of drugs, and competition.
According to the advocates, medicines nowadays are strong enough to keep a person from having more complications, making them save a lot of their money. On the other hand, patients are still complaining that they are having a hard time buying expensive medications, especially when insurance companies require them to pay a big amount every single time. There are newly introduced medicines for the cases of cancer and hepatitis which will make a person spend $100,000 per year if one will undergo a medication.
These days, there are already online pharmacies that are selling medications without making the patient’s wallet empty, which is why a lot of people are considering this alternative. Even if you have bought an affordable medication, you would still ask yourself as to why medicines are very expensive these days.
Having Extensive Patents
If you are wondering why medicines are too expensive, one good reason is the longer patents that drug makers have in the United States compares to other countries. The benefit of the patent for pharmaceutical companies is that it gives them a chance to offer their medicine without having competitors for about two decades, making them have astounding returns. Even if the drug is still being tested, the patents are already passed, and this just means that they are given a good amount of time to earn back what they have spent through patenting.
No Regulations for the Price
The government of the United States has no regulations when it comes to the prices of medicines, which is different if you compare it to other countries. Wholesale prices are offered by pharmaceutical companies. They will base their price on the price of the competing drugs.